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Mobile lending grows in Zambia as MTN, JUMO launch Kwanisa Na MoMo

Oluwatosin Adeyemi by Oluwatosin Adeyemi
July 27, 2025
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Zimbabwe's EcoCash and South Africa’s MTN MoMo partner to simplify cross-border transactions

Zimbabwe's EcoCash and South Africa’s MTN MoMo partner to simplify cross-border transactions

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MTN Mobile Money Zambia and JUMO, a top banking infrastructure provider, have partnered to launch Kwanisa Na MoMo, a credit option for mobile money overdrafts for Zambians. This development was announced on Thursday.

How Kwanisa Na MoMo works

Kwanisa Na MoMo, which is only available to MTN MoMo customers, provides real-time access to overdrafts via mobile money, allowing users to make necessary mobile money payments even in situations where they lack the necessary funds.

The service doesn’t require data and can be accessed on a feature phone. By entering *115# and choosing option 6 (Kongola & Savings) on the menu, followed by option 1 for Kwanisa na MoMo, users can access the service through USSD short codes.

Based on their credit eligibility and mobile money wallet activity, customers can access an overdraft. JUMO’s AI-driven information management systems evaluate and facilitate this process.

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The report indicates that the facility is designed to satisfy the unique financial requirements of traders, micro- and small-business owners, and regular consumers who are frequently shut out of traditional financial systems because they lack formal credit histories, collateral, and documentation.

JUMO is dedicated to responsibly filling this gap by offering equitable, sustainable, and transparent financial services that strike a balance between the need for access to funds and strong customer protection principles.

Cerise+SPTF, a globally renowned ESG ratings and verification organisation, awarded JUMO a historic 92.2 percent score for its ethical practices in digital financial services and unparalleled customer protection standards.

Role of mobile financial services in bridging digital gap

Komba Malukutila, the managing director of MTN Mobile Money Zambia, emphasised the importance of mobile financial services in bridging the accessibility gap.

He said, “The introduction of Kwanisa Na MoMo aligns with our broader mission to create seamless digital and financial solutions that empower individuals and businesses to thrive.

“In Zambia, we have over 1.2 million MoMo users being able to access unsecured loans. MoMo has evolved into a lending marketplace, giving customers more choice and flexibility.

“Partnering with JUMO, we’re proud to offer our users even more control over their financial journeys by providing instant and convenient access to an overdraft directly from their mobile phones.”

He added, “The addition of an overdraft service is a natural next step in expanding our lending portfolio, especially as we’ve observed a high volume of failed transactions due to insufficient funds. Kwanisa Na MoMo helps bridge this gap and ensures customers can complete transactions when they need to most.”

Why partner with JUMO

The service is provided by MTN Mobile Money Zambia in collaboration with JUMO, a top supplier of digital banking infrastructure powered by AI.

Banks and mobile money providers can now offer smart credit and savings products at scale thanks to JUMO.

Since its establishment in 2015, JUMO has completed more than 248 million loan transactions, disbursing more than $8 billion to over 31 million individuals in eight African nations, including Zambia.

Bradwin Roper, JUMO Chief of Payments Partnerships, stated, “We believe everyone deserves access to the best financial choices. Through our partnership with MTN Mobile Money, we’re using data and technology to unlock more credit solutions for people who have long been underserved.

“Kwanisa Na MoMo is a fit-for-purpose, scalable product designed to support entrepreneurs and communities to grow from the ground up. At JUMO, we’re deeply committed to building financial tools that are not only fast and accessible but also personalised and responsible.

“Our AI doesn’t take a one-size-fits-all approach; it adapts to individual behaviour to ensure people can access what’s right for them at that moment.”

MSMEs account for 97 percent of all businesses in Zambia. Kwanisa Na MoMo represents a major step towards a more inclusive financial ecosystem that empowers and expands the informal and micro-enterprise sector by fusing the reach of mobile money with JUMO’s digital infrastructure.

About MTN Mobile Money Zambia

MTN Mobile Money Zambia Ltd is the top provider of mobile financial services in Zambia, providing millions of people with safe, practical, and cutting-edge digital financial solutions.

Money transfers, bill and merchant payments, lending, and savings products are just a few of the many services offered by MTN Mobile Money Zambia, a member of the MTN Group, a multinational telecom leader with operations in 18 African countries.

MTN Mobile Money dedicates itself to promoting financial inclusion and bolstering Zambia’s digital economy through a large agent network spanning all ten provinces.

About JUMO

JUMO has developed AI-driven financial technology that enables banks to offer millions of African entrepreneurs a new generation of digital credit and savings products.

They collaborate with partners like banks, e-money operators, and payment processors to enable sophisticated money management and information systems.

JUMO has distributed more than $8 billion to 32 million people in Ghana, Kenya, Tanzania, Zambia, Uganda, Côte d’Ivoire, South Africa, Benin, and Cameroon since its founding in 2015.

Microcredit is essential, significant, and sustainable in Africa, as demonstrated by their management of more than 248 million individual loans.

JUMO wants to provide banking to everyone, everywhere, at any time, with an unparalleled speed to market and minimal infrastructure costs.

Tags: Financial inclusionJUMOKwanisa Na MoMomobile money overdraftsMTN Mobile Money Zambia
Oluwatosin Adeyemi

Oluwatosin Adeyemi

Oluwatosin Adeyemi is a seasoned writer with 5+ years of experience. He holds a degree in Animal Science from Olabisi Onabanjo University. A hardworking and creative individual with a passion for teamwork and self-improvement.

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